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Thread: Final expense insurance question

  1. #11
    Super Moderator
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    xrac's Avatar
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    Quote Originally Posted by DelfinaManotas View Post
    Go with the Guardian. It is a no-brainer. Guardian is a mutual company with significantly higher financial ratings than UC. The fact that UC is willing to compromise on the term sale (give you a certain rating that you may or may not qualify for) should be enough to tell you why their ratings are lower. There is no mortality (chance you will die) change due to the fact that you have DI with them. This type of discounting across personal lines (life, DI, LTCi) as opposed to PC lines (car, home, etc) shows that the company is just trying to collect more in premium at the expense of proper actuarial underwriting. Take the Guardian knowing it is by far the superior choice.

    Delfina
    There is no doubt that Guardian is a fine insurance company and would be my choice for coverage for someone who is in good health who is looking for a large face amount of Whole Life coverage. However, Guardian is not in the final expense market and would decline someone on oxygen. Final expensive is a market that will usually be a small amount of coverage usually in the $5,000-$15,000 range with some companies going up to $25,000-$30,000. The smallest face amount that Guardian writes I think is something like $75,000. Guardian is a great company but inappropriate in this situation. Listen to JD. He knows what he is talking about. Delfina doesn't have a clue.


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  3. #12
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    Kemper Life is good

  4. #13
    New User Level 0 marthag's Avatar
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    There are several good companies that offer graded benefit or guaranteed issue whole life policies for people on oxygen. Just take care in comparing the benefits, and know how much you receive during the graded period.

  5. #14
    Senior Member Level 1 DavidBlock's Avatar
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    So the real answer is, the best company is that which you have when you need it! All of the answers are fine but those that look for either guaranteed issue or final expense coverage really need a broker/agent that has access to a wide market, not just a single carrier. This conversation of who is the best takes me back to my days at New York Life when MetLife, Northwestern Mutual, Prudential, John Hancock and others boasted of their ranking. Again, clients buy the relationship and the plan that best fits their situation. So, who is the best?
    David M. Block, CLTC
    President
    Insurance Specialties, Inc.
    PO Box 1809
    Candler, NC 28715-1809
    800.358.8844 toll free
    828-667-1119 local
    828-667-2229 local fax
    www.insurance-specialties.com

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